2025 年 8 月 1 美新科技股份有限公司 2025 年半年度报告全文 美新科技股份有限公司 2025 年半年度报告 美新科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人林东融、主管会计工作负责人 WANG YANG 及会计机构负责人 (会计主管人员)张中德声明：保证本半年度报告中财务报告的真实、准确、 完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺；投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，描述了公司经营中可能存在的风险，敬请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 2 | | ...

中原环保股份有限公司 2025 年半年度报告全文 中原环保股份有限公司 2025 年半年度报告 2025-45 【2025 年 8 月】 1 中原环保股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人梁伟刚、主管会计工作负责人张蕾及会计机构负责人(会计主 管人员)张蕾声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，该计划不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并应当理解计划、 预测及承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分，描述了公司业务发展可能面临的主要风险，敬请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 1 | | | --- | --- | --- | | 第二节 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's management guarantees the authenticity and completeness of the semi-annual report and plans no dividend distribution - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person Deng Yuquan, chief accountant Wu Shu, and head of the accounting department He Cheng declare the financial report to be true, accurate, and complete[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report covers eight main sections, including company profile, MD&A, governance, significant matters, and financial statements - The main sections include Company Profile, MD&A, Corporate Governance, ESG, Significant Matters, Share Capital Changes, Bond Information, and Financial Report[6](index=6&type=chunk) - Documents available for inspection include signed financial statements, the original semi-annual report signed by the legal representative, and all previously disclosed original company documents[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides detailed explanations of key terms such as company names, related parties, and industry-specific acronyms - "The Company," "this Company," "the Issuer," and "Yidong Electronics" all refer to Yidong Electronic Technology Co, Ltd[13](index=13&type=chunk) - FPC refers to Flexible Printed Circuit Board, characterized by high wiring density, light weight, thinness, and good flexibility[16](index=16&type=chunk) - CCS refers to Cells Contact System, an electrical connection system for series-parallel connection of battery cells and signal acquisition[17](index=17&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Yidong Electronic Technology Co, Ltd (stock code: 301123) is listed on the Shenzhen Stock Exchange, with Deng Yuquan as the legal representative - The company's stock short name is "Yidong Electronics," stock code "301123," listed on the Shenzhen Stock Exchange[19](index=19&type=chunk) - The company's legal representative is Deng Yuquan[19](index=19&type=chunk) [Contact Persons and Methods](index=8&type=section&id=II.%20Contact%20Persons%20and%20Methods) The Board Secretary is Xie Zhang and the Securities Affairs Representative is Li Chunyu, both located at the Tongsha Science and Technology Industrial Park in Dongguan - The Board Secretary is Xie Zhang, and the Securities Affairs Representative is Li Chunyu[20](index=20&type=chunk) - The company's contact address is Tongsha Science and Technology Industrial Park, Dongcheng District, Dongguan City, and the email is ir@ydet.com[20](index=20&type=chunk) [Other Information](index=8&type=section&id=III.%20Other%20Information) No changes occurred in the company's registered address, office address, website, or information disclosure locations during the reporting period - The company's contact information, information disclosure and filing locations, and registration details remained unchanged during the reporting period, with specifics available in the 2024 annual report[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew 27.77% to ¥1.01 billion, while net profit attributable to shareholders fell 74.52% to ¥6.00 million Key Accounting Data and Financial Indicators (H1 2025 vs. Same Period Last Year) | Indicator | Current Period (Yuan) | Same Period Last Year (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,009,198,611.65 | 789,877,774.70 | 27.77% | | Net Profit Attributable to Shareholders | 6,002,748.34 | 23,557,038.31 | -74.52% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 773,188.66 | 20,171,015.12 | -96.17% | | Net Cash Flow from Operating Activities | 41,522,899.53 | -21,023,397.57 | 297.51% | | Basic Earnings Per Share (Yuan/Share) | 0.0257 | 0.1008 | -74.50% | | Diluted Earnings Per Share (Yuan/Share) | 0.0257 | 0.1008 | -74.50% | | Weighted Average Return on Equity | 0.21% | 0.82% | -0.61% | | Total Assets (End of Period) | 3,897,100,302.61 | 3,780,480,786.76 | 3.08% | | Net Assets Attributable to Shareholders (End of Period) | 2,857,161,978.08 | 2,852,556,995.23 | 0.16% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international or foreign accounting standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards[25](index=25&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[26](index=26&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled ¥5.23 million, primarily from government subsidies and fair value changes Non-recurring Profit and Loss Items and Amounts (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | -519,907.35 | | Government Subsidies Included in Current Profit or Loss | 4,755,100.55 | | Gains from Fair Value Changes and Disposal of Financial Assets/Liabilities | 2,391,797.49 | | Other Non-operating Income and Expenses | -38,805.80 | | Less: Income Tax Impact | 1,189,517.02 | | Minority Interest Impact (After Tax) | 169,108.19 | | Total | 5,229,559.68 | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[29](index=29&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities During the Reporting Period](index=11&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in precision electronic components, with growth driven by AI infrastructure and new energy vehicle markets - The company's main business is the R&D, production, and sale of precision electronic components such as FPC, connectors, and LED backlight modules, classified under "Computer, Communication, and Other Electronic Equipment Manufacturing"[31](index=31&type=chunk) - The precision electronic components industry serves smart terminals, new energy vehicles, and communications, benefiting from emerging technologies like AI computing and IoT[31](index=31&type=chunk) [1. Connector Industry](index=11&type=section&id=1%E3%80%81%20Connector%20Industry) The connector business benefits from high demand in AI training, new energy vehicles, and energy storage markets - In H1 2025, the global communication connector market is expected to reach approximately **$15.2 billion**, a year-on-year increase of about **14.8%**[32](index=32&type=chunk) - The global AI server connector market size surged by over **55%** year-on-year in H1 2025, reaching about **$4.8 billion**, with over 5,000 connectors used per AI server[33](index=33&type=chunk) - In H1 2025, China's new energy vehicle production and sales grew by **41.4%** and **40.3%** respectively, with market penetration exceeding **44.3%**, driving rapid growth in connector demand[33](index=33&type=chunk) [2. New Energy Industry](index=12&type=section&id=2%E3%80%81%20New%20Energy%20Industry) The company produces FPC, CCS, and other components for new energy vehicles and energy storage, driven by strong market growth - The company develops and produces FPC, CCS, lithium battery precision structural parts, connectors, and automotive backlights for the new energy sector[36](index=36&type=chunk) - From January to June 2025, China's new energy vehicle sales reached **5.878 million units**, with passenger vehicle sales growing **34.3%** YoY and penetration reaching **50.4%**[37](index=37&type=chunk) - In H1 2025, global energy storage battery cell shipments reached **240.21 GWh**, a year-on-year increase of **106.1%**[38](index=38&type=chunk) [3. Consumer Electronics, AI+AR Smart Terminals & Robotics Industry](index=12&type=section&id=3%E3%80%81%20Consumer%20Electronics%2C%20AI%2BAR%20Smart%20Terminals%20%26%20Robotics%20Industry) The company supplies components for smartphones, wearables, and AR/VR, with growth fueled by AI-enabled devices and robotics - In Q2 2025, global smartphone shipments grew by **1.0%**, and the share of global AI PC shipments reached **40%**, up 15 percentage points year-on-year[40](index=40&type=chunk) - Upgrades in AI phones, rapid development of foldable phones, and an expected **26%** growth in AI smart glasses shipments are increasing the demand for FPC[41](index=41&type=chunk) - Humanoid robot joints and sensor modules rely on high-precision FPC for flexible wiring, suggesting strong future demand growth[42](index=42&type=chunk) [4. Thermal Management Industry](index=13&type=section&id=4%E3%80%81%20Thermal%20Management%20Industry) The company's thermal management business, including IGBT substrates and AI chip cooling modules, is expanding rapidly - The global IGBT module market is projected to reach **$11.4 billion** in 2025, a **12.8%** YoY increase, with automotive-grade modules accounting for over **45%** of the market share[43](index=43&type=chunk) - In 2025, the global AI infrastructure market reached **$352 billion**, up **45%** YoY, with the AI chip cooling solutions market expected to hit **$8.7 billion**[45](index=45&type=chunk) - The penetration rate of liquid-cooled data centers globally reached **25%** in H1 2025, an increase of 10 percentage points YoY, driving rapid growth in the AI chip cooling module market[45](index=45&type=chunk) [Company's Industry Position](index=14&type=section&id=(II)%20Company's%20Industry%20Position) The company holds a leading position in the precision electronic components industry, with advantages in technology, scale, and customer resources - The company is a leader in China's precision electronic components industry, possessing core technologies and competitive advantages in product innovation, production scale, and customer base[47](index=47&type=chunk) - Key FPC clients include CATL, Sunwoda, and Xiaomi, with products used in top-five global smartphone brands and new energy vehicle makers like Li Auto and Chery[47](index=47&type=chunk) - Major clients in the connector and components sector include five of the world's top fifteen connector manufacturers, such as TE Connectivity, Amphenol, and Molex[47](index=47&type=chunk) [Main Products and Their Uses](index=14&type=section&id=(III)%20Main%20Products%20and%20Their%20Uses) The company's main products include FPC, connectors and components, and LED backlight modules for various high-tech applications - FPC products are divided into consumer electronics FPC and new energy battery management system FPC/CCS, used in consumer electronics, new energy batteries, and automotive electronics[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - Connector and component products include optical communication components, connector parts, and precision structural parts for communication base stations, new energy, and automotive sectors[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - LED backlight modules are primarily small to medium-sized specialty display modules used in automotive displays, medical instruments, and smart home screens[55](index=55&type=chunk)[56](index=56&type=chunk) [Company's Main Business Models](index=21&type=section&id=(IV)%20Company's%20Main%20Business%20Models) The company operates an integrated system of procurement, R&D, production, and sales, primarily using a direct sales and build-to-order model - The company's procurement model is primarily "procurement by order," while equipment is acquired "based on demand"[57](index=57&type=chunk) - The R&D model is driven by market research, customer needs, manufacturing feasibility assessments, and risk analysis to initiate and develop projects[58](index=58&type=chunk) - The production model is based on a build-to-order system, and the sales model primarily utilizes direct sales[59](index=59&type=chunk)[60](index=60&type=chunk) [Company's Operating Performance and Growth Drivers](index=21&type=section&id=(V)%20Company's%20Operating%20Performance%20and%20Growth%20Drivers) In H1 2025, revenue reached a record ¥1.01 billion, driven by growth in high-speed connectors, thermal management, and FPC/CCS products - In H1 2025, the company achieved operating revenue of **¥1.01 billion**, a year-on-year increase of **27.77%**, setting a new record for the same period[61](index=61&type=chunk) - Benefiting from the rapid development of AI technology, high-speed connector and component products saw rapid growth, with mass delivery of OSFP 112G and OSFP-XD 224G series products[62](index=62&type-chunk)[63](index=63&type=chunk) - The FPC/CCS business achieved sustained and stable order growth in consumer electronics (e.g., mass production of Xiaomi AI glasses FPC) and new energy battery management systems (e.g., projects with Chery/SAIC/Li Auto/Dongfeng)[64](index=64&type=chunk) [Core Competitiveness Analysis](index=23&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its integrated manufacturing capabilities, precision mold design, quality control, and strong customer base - The company possesses comprehensive, full-process production and management capabilities, which are rare in the industry, forming a unique business model and competitive advantage[66](index=66&type=chunk) - The company excels in precision mold design and manufacturing, with mold part processing accuracy reaching **±0.002mm** and critical positions reaching **±0.001mm**[66](index=66&type=chunk) - The company has six manufacturing bases in Dongguan, Changshu, Xianning, Suining, Liuzhou, and Delhi, India, with new investment projects further expanding production capacity and scale advantages[70](index=70&type=chunk)[71](index=71&type=chunk) [Main Business Analysis](index=24&type=section&id=III.%20Main%20Business%20Analysis) Revenue grew 27.77% due to increased sales orders, with connector components revenue up 46.94% and FPC revenue up 23.50% Key Financial Data YoY Changes (H1 2025 vs. Same Period Last Year) | Indicator | Current Period (Yuan) | Same Period Last Year (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,009,198,611.65 | 789,877,774.70 | 27.77% | | | Operating Cost | 856,799,838.68 | 658,114,862.12 | 30.19% | Increased sales orders led to higher sales costs | | Income Tax Expense | -12,601,877.26 | -3,534,562.54 | -256.53% | Mainly due to increased deferred tax assets recognized from larger losses at certain subsidiaries | | R&D Investment | 71,096,632.98 | 52,593,846.63 | 35.18% | Primarily due to increased R&D investment | | Net Cash Flow from Operating Activities | 41,522,899.53 | -21,023,397.57 | 297.51% | Mainly due to increased customer payments, VAT credit refunds, and matured time deposits | Products or Services Accounting for Over 10% of Revenue (H1 2025 vs. Same Period Last Year) | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Operating Revenue YoY Change (%) | Operating Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | FPC | 378,105,091.13 | 356,129,673.20 | 5.81% | 23.50% | 33.41% | -7.00% | | LED Backlight Module | 77,880,702.71 | 64,619,624.60 | 17.03% | -6.38% | -9.90% | 3.25% | | Connector Components | 452,225,665.39 | 337,177,618.19 | 25.44% | 46.94% | 42.47% | 2.34% | [Non-Core Business Analysis](index=25&type=section&id=IV.%20Non-Core%20Business%20Analysis) The company had no non-core business activities to analyze during the reporting period - The company has no non-core business analysis for the reporting period[78](index=78&type=chunk) [Analysis of Assets and Liabilities](index=25&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 3.08% to ¥3.90 billion, while cash decreased and accounts receivable and inventory increased Significant Changes in Asset Composition (End of Period vs. Beginning of Period) | Item | End of Period Amount (Yuan) | % of Total Assets | Beginning of Period Amount (Yuan) | % of Total Assets | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 536,337,204.58 | 13.76% | 702,364,201.77 | 18.58% | -4.82% | | Accounts Receivable | 792,432,113.42 | 20.33% | 718,946,393.85 | 19.02% | 1.31% | | Inventory | 279,714,918.81 | 7.18% | 221,727,907.41 | 5.87% | 1.31% | | Short-term Borrowings | 20,588,008.20 | 0.53% | 5,732,139.59 | 0.15% | 0.38% | | Contract Liabilities | 6,050,340.94 | 0.16% | 3,572,153.85 | 0.09% | 0.07% | - At the end of the period, total restricted assets amounted to **¥120.79 million**, including cash, notes receivable, fixed assets, and intangible assets, mainly restricted for deposits, pledges, and loan collateral[83](index=83&type=chunk) - The company's financial assets measured at fair value had an ending balance of **¥269.75 million**, primarily consisting of wealth management products[80](index=80&type=chunk) [Investment Analysis](index=27&type=section&id=VI.%20Investment%20Analysis) Total investment was ¥43.57 million, with ¥1.19 billion cumulatively invested in fundraising projects and some projects delayed Investment Amount During the Reporting Period | Indicator | Investment Amount (Yuan) | Investment Amount in Same Period Last Year (Yuan) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 43,569,473.49 | 43,742,241.28 | -0.39% | - As of June 30, 2025, a cumulative **¥1.19 billion** of raised funds had been invested in projects, with an unused balance of **¥246.86 million**[88](index=88&type=chunk) - The completion dates for the "Jiangxi Pingxiang Science and Technology Industrial Park Phase I Project" and the "Advanced Manufacturing Base Construction Project" have been extended to January 25, 2026[90](index=90&type=chunk) - The company uses up to **¥300 million** of temporarily idle raised funds for cash management, valid for 12 months[92](index=92&type=chunk) [Sale of Major Assets and Equity](index=32&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[98](index=98&type=chunk) - The company did not sell any major equity stakes during the reporting period[99](index=99&type=chunk) [Analysis of Major Subsidiaries and Investees](index=32&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) Several major subsidiaries reported financial data, with losses at Jiangxi Yidong and Liuzhou Xinren negatively impacting net profit Financial Data of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Dongguan Qincheng Precision Electronics Co, Ltd | 12,308,977.46 | -753,326.76 | | Dongguan Huake Electronic Technology Co, Ltd | 18,122,641.09 | -2,810,653.90 | | Hubei Yixin Precision Manufacturing Co, Ltd | 26,047,989.77 | 4,142,147.46 | | Hubei Yihong Precision Manufacturing Co, Ltd | 160,164,352.76 | 1,919,724.84 | | Jiangxi Yidong Electronic Technology Co, Ltd | 87,402,422.46 | -44,822,265.18 | | Liuzhou Xinren Precision Electronic Technology Co, Ltd | 15,318,417.76 | -2,904,890.32 | [Structured Entities Controlled by the Company](index=33&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[102](index=102&type=chunk) [Risks and Countermeasures](index=33&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from market competition, declining gross margins, and technology innovation, which it plans to mitigate through various strategic measures - The company must maintain product quality and technological leadership to address intense competition in the precision electronic components market[103](index=103&type=chunk) - To counter the risk of declining gross margins, the company will deepen customer collaboration, improve supply chain management, and enhance cost control[104](index=104&type=chunk) - The company will address technology innovation risks by increasing R&D investment, launching high-value products, and cultivating technical talent[105](index=105&type=chunk) - To manage environmental risks, the company will continue to invest in environmental protection and implement strict safety and quality control systems[106](index=106&type=chunk)[107](index=107&type=chunk) [Investor Relations Activities](index=35&type=section&id=XI.%20Investor%20Relations%20Activities) The company held an online investor communication event on May 13, 2025, to discuss its performance and strategy - The company hosted an online investor communication event via the Value Online platform on May 13, 2025[108](index=108&type=chunk) - The discussion covered the company's operating status, financial indicators, and development strategy, with details disclosed on the Shenzhen Stock Exchange's Easy Interaction platform[108](index=108&type=chunk) [Market Value Management System and Valuation Enhancement Plan](index=35&type=section&id=XII.%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not established a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[109](index=109&type=chunk) - The company has not disclosed a valuation enhancement plan[109](index=109&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=35&type=section&id=XIII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[109](index=109&type=chunk) [Corporate Governance, Environment, and Society](index=35&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=35&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period; refer to the 2024 annual report for details[110](index=110&type=chunk) [Profit Distribution and Capitalization of Capital Reserve](index=35&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve) The company does not plan to distribute dividends or capitalize capital reserves for the first half of the year - The company plans no cash dividend, bonus shares, or capitalization of capital reserves for the semi-annual period[111](index=111&type=chunk) [Implementation of Equity Incentive Plans or Other Employee Incentives](index=35&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%20or%20Other%20Employee%20Incentives) The company continued its first-phase restricted stock incentive plan and canceled some unvested shares during the period - The company is continuing its first-phase restricted stock incentive plan and approved the "Proposal on Canceling Part of Granted but Unvested Restricted Stocks" on April 22, 2025[115](index=115&type=chunk) - The company did not implement any employee stock ownership plans during the reporting period[117](index=117&type=chunk) - The company had no other employee incentive measures during the reporting period[117](index=117&type=chunk) [Environmental Information Disclosure](index=38&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its key subsidiaries are listed for mandatory environmental information disclosure and have published relevant reports - The company and its main subsidiaries, Yidong Electronic Technology Co, Ltd and Hubei Yihong Precision Manufacturing Co, Ltd, are included in the list of enterprises required to disclose environmental information by law[118](index=118&type=chunk) - Environmental information disclosure reports can be accessed through the Green Development Service Platform and the National Pollutant Discharge Permit Management Information Platform[118](index=118&type=chunk) [Social Responsibility](index=38&type=section&id=V.%20Social%20Responsibility) The company is committed to legal and ethical operations, balancing economic benefits with social responsibilities - The company adheres to laws and regulations, maintains a sound corporate governance structure, and ensures timely and accurate information disclosure to protect shareholder rights[120](index=120&type=chunk) - The company prioritizes its employees by improving labor systems, providing training, and ensuring social insurance and housing fund contributions to protect their legal rights[121](index=121&type=chunk) - The company emphasizes environmental protection through a green, low-carbon development philosophy, continuously improving production processes and enhancing employee environmental awareness[123](index=123&type=chunk) [Significant Matters](index=40&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments by Relevant Parties](index=40&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Relevant%20Parties) Shareholders fulfilled their lock-up commitments from the initial public offering, which expired on January 25, 2025 - The lock-up commitments for pre-IPO shares held by shareholders Wang Gang, Dongguan Yidong Holding Co, Ltd, and others were fulfilled on January 25, 2025[126](index=126&type=chunk)[127](index=127&type=chunk) - The commitments by the company, directors, supervisors, and senior management regarding stock price stabilization were fulfilled on January 25, 2025[127](index=127&type=chunk)[131](index=131&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders](index=46&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders) There were no instances of non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - There were no cases of non-operational fund occupation by the controlling shareholder or other related parties during the reporting period[132](index=132&type=chunk) [Irregular External Guarantees](index=46&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[133](index=133&type=chunk) [Appointment and Dismissal of Accounting Firm](index=46&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[134](index=134&type=chunk) [Explanation on "Non-standard Audit Report" for the Current Period](index=46&type=section&id=V.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) There was no "non-standard audit report" for the current reporting period - The company did not receive a non-standard audit report for the reporting period[135](index=135&type=chunk) [Board's Explanation on Prior Year's "Non-standard Audit Report"](index=46&type=section&id=VI.%20Board's%20Explanation%20on%20Prior%20Year's%20%22Non-standard%20Audit%20Report%22) There was no "non-standard audit report" for the previous year - The company did not have a non-standard audit report in the previous year[135](index=135&type=chunk) [Bankruptcy and Reorganization Matters](index=46&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[135](index=135&type=chunk) [Litigation Matters](index=46&type=section&id=VIII.%20Litigation%20Matters) The company was not involved in any major litigation or arbitration, with other minor cases having no significant impact - The company had no major litigation or arbitration matters during the reporting period[136](index=136&type=chunk) - As a plaintiff/applicant, the company was involved in cases totaling **¥3.93 million**, of which **¥2.74 million** have been settled, with no material impact[136](index=136&type=chunk) - As a defendant/respondent, the company was involved in cases totaling **¥7.43 million**, of which **¥0.09 million** have been settled, with no material impact[136](index=136&type=chunk) [Penalties and Rectifications](index=47&type=section&id=IX.%20Penalties%20and%20Rectifications) No penalties or rectifications were recorded during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[138](index=138&type=chunk) [Integrity Status of the Company and Its Controlling Shareholders](index=47&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[139](index=139&type=chunk) [Major Related-Party Transactions](index=47&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in routine related-party transactions, such as sales and leasing, at fair market prices - Routine related-party transactions, including wastewater treatment fees, material procurement, product sales, and property leases, were conducted based on market pricing principles[144](index=144&type=chunk)[159](index=159&type=chunk) - The actual amounts of these transactions did not materially differ from the estimated amounts and were consistent with the company's operational needs[144](index=144&type=chunk) - The company did not engage in related-party transactions involving the acquisition or sale of assets or equity, joint investments, or related-party debt[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Major Contracts and Their Performance](index=53&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has several property lease agreements for operational purposes but no major托管, contracting, or other significant contracts - The company had no托管 arrangements during the reporting period[150](index=150&type=chunk) - The company had no contracting arrangements during the reporting period[151](index=151&type=chunk) - The company has multiple property and factory lease agreements for offices, workshops, warehouses, and dormitories, with lease terms extending from 2023 to 2029[153](index=153&type=chunk)[154](index=154&type=chunk) - The company had no major guarantees or other material contracts during the reporting period[155](index=155&type=chunk)[156](index=156&type=chunk) [Other Significant Matters](index=56&type=section&id=XIII.%20Other%20Significant%20Matters) There were no other significant matters to be disclosed for the reporting period - There are no other significant matters that require disclosure for the reporting period[157](index=157&type=chunk) [Significant Matters of Subsidiaries](index=56&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[158](index=158&type=chunk) [Share Capital Changes and Shareholder Information](index=57&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=57&type=section&id=I.%20Changes%20in%20Share%20Capital) Restricted shares decreased by 15.73 million as some pre-IPO shares became tradable, and the company completed a share buyback of 3.04 million shares Changes in Share Capital (Shares) | Item | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 157,183,787 | 67.29% | -15,732,590 | 141,451,197 | 60.55% | | II. Unrestricted Shares | 76,416,213 | 32.71% | 15,732,590 | 92,148,803 | 39.45% | | III. Total Shares | 233,600,000 | 100.00% | 0 | 233,600,000 | 100.00% | - A total of **15,732,590** pre-IPO shares held by shareholders including Wang Gang and Dongguan Yifu Investment Consulting Enterprise became available for trading on January 27, 2025[162](index=162&type=chunk) - The company completed its share buyback plan on January 16, 2025, repurchasing a total of **3,038,900** shares, representing **1.3009%** of the total share capital, for a total amount of **¥50,004,422**[163](index=163&type=chunk) [Securities Issuance and Listing](index=59&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company did not issue or list any securities during the reporting period[167](index=167&type=chunk) [Number of Shareholders and Shareholding Status](index=59&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the period end, the company had 23,497 shareholders, with controlling shareholder Deng Yuquan holding a 39.13% stake - The total number of common shareholders at the end of the reporting period was **23,497**[168](index=168&type=chunk) Shareholdings of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Shares Held at Period End | Number of Restricted Shares | Number of Unrestricted Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Deng Yuquan | Domestic Individual | 39.13% | 91,411,152.00 | 91,411,152.00 | 0 | | Dongguan Yidong Holding Co, Ltd | Domestic Non-state-owned Corp | 21.42% | 50,040,045.00 | 50,040,045.00 | 0 | | Wang Gang | Domestic Individual | 4.28% | 10,008,009.00 | 0 | 10,008,009.00 | Top 10 Unrestricted Shareholders | Shareholder Name | Unrestricted Shares Held at Period End | Share Class | Quantity | | :--- | :--- | :--- | :--- | | Wang Gang | 10,008,009.00 | RMB Ordinary Share | 10,008,009.00 | | Dongguan Yifu Investment Consulting Enterprise (LP) | 3,089,472.00 | RMB Ordinary Share | 3,089,472.00 | | Shanghai Hengsui Asset Management Center (LP) - Hengsui Jiye Changqing - Sutai Zunxiang No. 8 Private Equity Fund | 1,771,997.00 | RMB Ordinary Share | 1,771,997.00 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=62&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; refer to the 2024 annual report for details[172](index=172&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=62&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[173](index=173&type=chunk) - The company's actual controller did not change during the reporting period[173](index=173&type=chunk) [Preferred Shares](index=62&type=section&id=VI.%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[174](index=174&type=chunk) [Bond-related Matters](index=63&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=63&type=section&id=Bond-related%20Matters) The company had no bond-related matters to report for the period - The company had no bond-related matters during the reporting period[176](index=176&type=chunk) [Financial Report](index=64&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=64&type=section&id=I.%20Audit%20Report) The semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[178](index=178&type=chunk) [Financial Statements](index=64&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the first half of 2025 Key Data from Consolidated Balance Sheet (End of Period vs. Beginning of Period) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 536,337,204.58 | 702,364,201.77 | | Trading Financial Assets | 269,747,649.40 | 166,234,986.29 | | Accounts Receivable | 792,432,113.42 | 718,946,393.85 | | Inventory | 279,714,918.81 | 221,727,907.41 | | Total Assets | 3,897,100,302.61 | 3,780,480,786.76 | | Short-term Borrowings | 20,588,008.20 | 5,732,139.59 | | Total Liabilities | 1,034,118,340.90 | 920,570,125.33 | | Total Equity Attributable to Parent Company | 2,857,161,978.08 | 2,852,556,995.23 | Key Data from Consolidated Income Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,009,198,611.65 | 789,877,774.70 | | Total Operating Cost | 1,010,390,086.32 | 773,134,795.92 | | Total Profit | -8,389,499.44 | 19,500,088.93 | | Net Profit | 4,212,377.82 | 23,034,651.47 | | Net Profit Attributable to Parent Company Shareholders | 6,002,748.34 | 23,557,038.31 | Key Data from Consolidated Cash Flow Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 41,522,899.53 | -21,023,397.57 | | Net Cash Flow from Investing Activities | -185,065,606.44 | -201,515,611.24 | | Net Cash Flow from Financing Activities | -852,703.41 | -39,104,976.24 | | Net Increase in Cash and Cash Equivalents | -143,636,193.23 | -262,258,548.98 | [Company Basic Information](index=82&type=section&id=III.%20Company%20Basic%20Information) Yidong Electronic Technology Co, Ltd was established in 2019, listed on the Shenzhen Stock Exchange in 2022, and specializes in precision electronic components - Yidong Electronic Technology Co, Ltd was reorganized and established on December 30, 2019, with a share capital of ¥233.6 million[212](index=212&type=chunk) - The company's stock was listed on the Shenzhen Stock Exchange on January 25, 2022, with the stock name Yidong Electronics (301123)[212](index=212&type=chunk) - The company is primarily engaged in the R&D, production, and sale of precision electronic components such as FPC, connectors, and LED backlight modules[212](index=212&type=chunk) [Basis of Preparation for Financial Statements](index=82&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with Chinese Accounting Standards on a going concern basis using the accrual method - These financial statements are prepared in accordance with the Enterprise Accounting Standards and related guidelines issued by the Ministry of Finance[214](index=214&type=chunk) - The financial statements are presented on a going concern basis, with accounting based on the accrual method and historical cost as the primary measurement basis, except for certain financial instruments[215](index=215&type=chunk) [Significant Accounting Policies and Estimates](index=82&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the accounting policies for key areas like revenue recognition, financial instruments, and fixed assets, including a change in depreciation estimates - The financial statements comply with the requirements of the Enterprise Accounting Standards, truly and completely reflecting the company's financial position, operating results, and cash flows[217](index=217&type=chunk) - Financial assets are classified at initial recognition into three categories based on the business model and contractual cash flow characteristics: amortized cost, fair value through other comprehensive income, or fair value through profit or loss[233](index=233&type=chunk) - The company changed the accounting estimate for the depreciation period of some fixed assets, extending the useful life of certain buildings from "20 years" to "20-50 years," with an impact of **¥4,193,814.47**[303](index=303&type=chunk) [Taxation](index=109&type=section&id=VI.%20Taxation) The company is subject to VAT and corporate income tax, with several subsidiaries benefiting from a preferential 15% tax rate for high-tech enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value-Added Amount | 6%, 13%, 18%, 28% | | Urban Maintenance and Construction Tax | Actual Turnover Tax Paid | 5%, 7% | | Corporate Income Tax | Taxable Income | 15%, 16.5%, 17%, 20%, 24%, 25%, 25.17% | | Education Surcharge | Actual Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Turnover Tax Paid | 2% | - The company and its subsidiaries, including Suining Yidong Electronics and Dongguan Qincheng Precision Electronics, enjoy a preferential corporate income tax rate of **15%** as high-tech enterprises[306](index=306&type=chunk)[307](index=307&type=chunk) - Subsidiaries such as Dongguan Tongtai Electronic Technology and Hubei Kelixing Technology benefit from preferential tax policies for small and micro enterprises[308](index=308&type=chunk) - The company benefits from a VAT exemption, credit, and refund policy during the reporting period[308](index=308&type=chunk) [Notes to Consolidated Financial Statement Items](index=111&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, including assets, liabilities, revenues, and expenses - At period-end, cash and cash equivalents totaled **¥536 million**, with **¥4.72 million** in restricted funds, primarily for bank acceptance bill deposits and customs duty guarantees[310](index=310&type=chunk) - Accounts receivable at period-end were **¥837 million**, with a bad debt provision of **¥44.89 million**; the top five customers accounted for **32.56%** of the total balance[328](index=328&type=chunk)[335](index=335&type=chunk) - The carrying value of inventory at period-end was **¥280 million**, with an inventory write-down provision of **¥41.14 million**; **¥15.93 million** was provisioned during the period[365](index=365&type=chunk)[368](index=368&type=chunk) - Operating revenue was **¥1.01 billion**, operating cost was **¥857 million**, and the gross margin for the main business was **15.10%**[461](index=461&type=chunk)[77](index=77&type=chunk) [R&D Expenditures](index=146&type=section&id=VIII.%20R&D%20Expenditures) Total R&D investment for the period was ¥71.10 million, a 35.18% year-on-year increase, mainly comprising personnel and material costs R&D Expense Composition (H1 2025 vs. H1 2024) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 32,589,143.42 | 32,010,289.15 | | Material Costs | 31,582,676.17 | 16,978,506.30 | | Depreciation | 6,541,226.61 | 3,582,571.22 | | Others | 383,586.78 | 22,479.96 | | Total | 71,096,632.98 | 52,593,846.63 | [Changes in Consolidation Scope](index=146&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) There were no changes in the scope of consolidation during the reporting period - The company did not have any transactions or events that resulted in the loss of control over a subsidiary during the reporting period[507](index=507&type=chunk) - The company did not dispose of its investment in a subsidiary in multiple steps resulting in a loss of control during the period[507](index=507&type=chunk) [Interests in Other Entities](index=146&type=section&id=X.%20Interests%20in%20Other%20Entities) The company discloses its equity interests in 20 subsidiaries and 3 associate companies - The company has 20 subsidiaries, including Yada Electronic Technology and Dongguan Huake Electronic Technology, primarily engaged in manufacturing, processing, and trading[508](index=508&type=chunk)[509](index=509&type=chunk) - The company has 3 associate companies, including Shenzhen Lixiao New Material Technology and Guangdong Ruifeng Yanhao Venture Capital Partnership (LP)[511](index=511&type=chunk)[513](index=513&type=chunk) [Government Grants](index=149&type=section&id=XI.%20Government%20Grants) The company received ¥4.76 million in government grants, which were recognized as deferred income or other income - The amount of government grants included in the current profit or loss was **¥4,755,100.55**, compared to **¥3,462,055.52** in the prior period[517](index=517&type=chunk) - The ending balance of government grants in deferred income was **¥39,487,721.70**, with a new addition of **¥265,200.00** and a reduction of **¥2,032,804.60** during the period[447](index=447&type=chunk)[515](index=515&type=chunk) [Risks Related to Financial Instruments](index=152&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through diversified investments, credit monitoring, and currency transaction controls - The main risks arising from the company's financial instruments include credit risk, liquidity risk, and market risk (interest rate and exchange rate risk)[521](index=521&type=chunk) - The company's bank deposits are primarily with state-owned and large listed banks, posing low expected credit risk; the top five customers account for **32.56%** of total accounts receivable[522](index=522&type=chunk)[523](index=523&type=chunk) - The company funds its operations through business-generated cash and bank borrowings, with an unused bank credit line of **¥786.05 million** at the period-end[524](index=524&type=chunk) - A 25-basis-point change in floating interest rates would impact net profit and equity by approximately **¥28,400**; a 10% change in the RMB exchange rate against major foreign currencies would impact equity and net profit by about **¥2.10 million**[527](index=527&type=chunk)[529](index=529&type=chunk) [Fair Value Disclosures](index=157&type=section&id=XIII.%20Fair%20Value%20Disclosures) The company's assets measured at fair value, primarily trading financial assets, are valued using Level 3 inputs Fair Value of Assets and Liabilities at Period End | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Wealth Management Products | 269,747,649.40 | 269,747,649.40 | | Accounts Receivable Financing | 63,931,969.31 | 63,931,969.31 | - The company uses valuation techniques, primarily discounted cash flow and market comparable models, to determine the fair value of financial instruments[539](index=539&type=chunk) [Related Parties and Transactions](index=158&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company engaged in routine transactions with related parties, including sales, services, and leasing, and discloses outstanding balances - The actual controllers of the company are Deng Yuquan and Deng Ke; Deng Yuquan directly holds **39.13%** and indirectly holds **19.6%** of the company's shares[541](index=541&type=chunk) - During the period, the company paid **¥1,551,358.50** in wastewater treatment fees to Laicher Environmental and **¥4,736,555.94** in fees and **¥1,089,998.31** for engineering services to Ludao Environmental[546](index=546&type=chunk)[547](index=547&type=chunk) - The company sold products worth **¥211,313.93** to Ruijing Electronics and **¥1,521,705.79** to Jiangsu Yibei[548](index=548&type=chunk) - At period-end, accounts receivable included **¥974,836.10** from Jiangsu Yibei, while other payables included **¥12,147,111.35** to Ludao Environmental[556](index=556&type=chunk)[557](index=557&type=chunk) [Share-based Payments](index=160&type=section&id=XV.%20Share-based%20Payments) No share-based payment activities occurred during the reporting period - The company had no overall share-based payment situations during the reporting period[558](index=558&type=chunk) - The company had no equity-settled share-based payment situations during the reporting period[558](index=558&type=chunk) - The company had no cash-settled share-based payment situations during the reporting period[558](index=558&type=chunk) [Commitments and Contingencies](index=161&type=section&id=XVI.%20Commitments%20and%20Contingencies) There were no significant commitments or contingencies to be disclosed as of the end of the reporting period - As of June 30, 2025, the company had no significant commitments to disclose[560](index=560&type=chunk) - The company has no significant contingencies that require disclosure[561](index=561&type=chunk) [Subsequent Events](index=161&type=section&id=XVII.%20Subsequent%20Events) There were no other significant subsequent events to be disclosed as of the end of the reporting period - As of June 30, 2025, the company had no other significant matters to disclose[562](index=562&type=chunk) [Other Significant Matters](index=161&type=section&id=XVIII.%20Other%20Significant%20Matters) There were no other significant matters to be disclosed as of the end of the reporting period - As of June 30, 2025, the company had no other significant matters to disclose[563](index=563&type=chunk) [Notes to Parent Company Financial Statement Items](index=161&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's key financial items, including receivables, investments, and revenue - The parent company's accounts receivable at period-end totaled **¥780 million**, with a bad debt provision of **¥37.58 million**; the top five customers accounted for **38.49%** of the total[568](index=568&type=chunk)[576](index=576&type=chunk) - The parent company's other receivables at period-end were **¥70.47 million**, of which **¥66.44 million** were due from consolidated related parties[585](index=585&type=chunk)[588](index=588&type=chunk) - The parent company's long-term equity investments at period-end amounted to **¥1.51 billion**, including **¥1.47 billion** in subsidiaries and **¥43.46 million** in associates and joint ventures[598](index=598&type=chunk) - The parent company's operating revenue was **¥804 million**, and its operating cost was **¥667 million**[604](index=604&type=chunk) [Supplementary Information](index=169&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary details on non-recurring profit and loss items and return on equity calculations Non-recurring Profit and Loss Items and Amounts (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | -519,907.35 | | Government Subsidies Included in Current Profit or Loss | 4,755,100.55 | | Gains from Fair Value Changes and Disposal of Financial Assets/Liabilities | 2,391,797.49 | | Other Non-operating Income and Expenses | -38,805.80 | | Less: Income Tax Impact | 1,189,517.02 | | Minority Interest Impact (After Tax) | 169,108.19 | | Total | 5,229,559.68 | Return on Equity and Earnings Per Share (H1 2025) | Profit for the Period | Weighted Average ROE (%) | Basic EPS (Yuan/Share) | Diluted EPS (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 0.21% | 0.0257 | 0.0257 | | Net Profit Attributable to Common Shareholders (Excl. Non-recurring Items) | 0.03% | 0.0033 | 0.0033 |

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